Looking at the AUDUSD, the most important thing to note is the main trend. which at this moment is a Downtrend
And in this downtrend, we have spotted a Chart pattern (Descending Channel). which suggests that there might be a change of trend once there is a good breakout from dynamic resistance.
The sellers are currently in control, leaving no room whatsoever for buyers to take control
we see countless indecisive candlestick patterns like the doji popping up
suggesting that at this very moment, the downtrend might be coming to an end
Sure the buyers are present, and see this support level as an entry point , but the sellers at this moment, have made up their mind on taking price lower.
For my entry, i will be looking at 3 things
1. Price rejection from dynamic support
2. Momentum
3. Reversal candlestick pattern
My AOC for Buy entry is the dynamic support line.
A simple rejection from that level might spell the start of the reversal.
And in this downtrend, we have spotted a Chart pattern (Descending Channel). which suggests that there might be a change of trend once there is a good breakout from dynamic resistance.
The sellers are currently in control, leaving no room whatsoever for buyers to take control
we see countless indecisive candlestick patterns like the doji popping up
suggesting that at this very moment, the downtrend might be coming to an end
Sure the buyers are present, and see this support level as an entry point , but the sellers at this moment, have made up their mind on taking price lower.
For my entry, i will be looking at 3 things
1. Price rejection from dynamic support
2. Momentum
3. Reversal candlestick pattern
My AOC for Buy entry is the dynamic support line.
A simple rejection from that level might spell the start of the reversal.